February 11, 2004 Year-End Report 2003 Anders Igel President and CEO

2 Forward-looking statements Statements made in this document relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of TeliaSonera.

3 Major steps towards fulfilling merger promises 2003 Record profit and cash flow Integration completed with a common direction Increased market efforts starting to yield results with increased market shares Associated companies 26 million mobile customers Annual growth 34% Consolidated companies 12 million mobile customers Annual growth 13% Strong Internet and broadband growth Strong customer growth

4 Record profit Operating income excl. non-recurring items 5,992 14,831 Jan–Dec 2002 Jan–Dec 2003 SEK million Jan–Dec 2002 Jan–Dec ,958 13,140 Operating income SEK million Jan–Dec 2003 Jan–Dec 2002 Net sales81,77280,979 Net Income7,671-32,890 Earnings per share

5 Lower CAPEX levels Jan–Dec 2002Jan–Dec 2003 CAPEX reflecting business needs Reduction by 23% CAPEX/Sales 11% -11,710-8,960 SEK million

6 Record free cash flow, strong financial position Jan–Dec 2002Jan–Dec ,534 17,499 Improvement 83.5% SEK million

7 Mobile market share gain and negative fixed consumer trend broken in Sweden Mobile External Net Sales+5% Customers3,838,000 Growth+6% Fixed Voice External Net Sales-4% Customers6,256,000 Growth-3% Internet and Data External Net Sales+4% Total customers1,222,000 Growth+13% Of which Broadband 399,000 Growth+24% Performance 2002–2003 Aggressive market initiatives yield results Strengthened position on the mobile market within all customer segments More than 25,000 new fixed voice consumer customers in December breaks negative trend New competitive Internet based services launched Robust earnings growth in a better managed business

8 Sustained profitability in fierce competition in Finland Sustained performance despite escalated competition following the introduction of mobile number portability Strong broadband growth and mobile usage Strengthened presence in fixed communications through acquisition in Turku area Intensified market efforts and new offerings gained effect in December Mobile External Net Sales-3% Adj. of accruals-1% Customers2,428,000 Growth-2% Fixed Voice External Net Sales+3% Customers 804,000 Growth+11% Internet and Data External Net Sales+4% Total customers305,000 Growth+16% Of which Broadband 150,000 Growth+83% Performance 2002–2003

9 Continued strong development in Norway Continued strong profitable growth despite much tougher competition Increased usage per customer Strong SMS and MMS trend NetCom awarded for: –Successful gain of market shares –Combining easy to use services and price model with a clear market message Mobile Net Sales+10% in local currency+17% Customers1,195,000 Growth+10% Performance 2002–2003

10 Successful turnaround in Denmark Both fixed and mobile EBITDA positive in the fourth quarter Mobile –Growing customer base and improving profitability –Robust increase in SMS (Telia Xpress) Fixed Voice –First to launch flat rate service for fixed voice for customers Cable –Flat rate broadband service –First to offer mail scanning to keep customers free from spam Mobile External Net Sales+75% Adj. for accounting change+52% Customers525,000 Growth+13% Fixed Voice External Net Sales-9% Customers172,000 Growth-18% Cable External Net Sales+9% Broadband customers104,000 Growth+28% Performance 2002–2003

11 Strong mobile growth in Baltic Countries Strong mobile growth and turnaround program in fixed in Lithuania Strong mobile growth and good earnings in fixed in Latvia Good performance in Estonia Estonia 1 : MobileFixed Sales +11%+1% Customers478,000445,000 Growth+12%-4% Latvia: MobileFixed 1 Sales+2% -3% 2 in local currency+13% Customers534,000654,000 Growth+19%-7% Lithuania: MobileFixed Sales +10%-16% Customers1,052,000829,000 Growth+24%-11% Performance 2002–2003 1) Associated companies 2) Jan–Jun 2003

12 Strong performance in International operations Russia Nearly 3.2 million new mobile customers and increased market share Eurasia Continued strong growth and profit development International Carrier Successful restructuring and turnaround Positive cash flow during Q4 Turkey Strong customer growth and improved profitability Russia – MegaFon Customers 6,175,000 Growth+104% Eurasia – Fintur companies Customers 2,385,000 Growth+48% Turkey – Turkcell Customers 19,000,000 Growth+21% Performance 2002–2003

13 Outlook 2004 – Commitment to pursue profitable growth Good growth in mobile, decline in fixed voice and strong growth in Internet based services is expected in the market Ambition to develop organic revenue growth in line with or better than our markets Continued adaptation of cost structure to reflect market conditions of different segments in competitive home market Margins will be positively impacted by continued efficiency improvements and increased volumes, and negatively by lower prices Free cash flow will remain strong although be impacted by higher cash taxes, somewhat increased capital expenditure and higher use of the provisions

14 Auria Fixed line telecom operator in Finland Full ownership Omnitel Mobile operator in Lithuania Increased ownership to 90% (55%) Ready to take majority in associated companies Financial position and merger experience allow us to participate in European consolidation Build on or increase strength in the Nordic and Baltic home market Acquisition requirements –Value enhancing by fulfilling our return requirements –Maintained solid financial position Outlook – Focused growth by acquisitions

15 Dividend proposal Proposed dividend increase to SEK 1.00, consisting of an ordinary dividend of SEK 0.80 (0.40) and an extra dividend of SEK 0.20, reflecting the exceptionally strong cash flow Financial strength maintained to take advantage of growth opportunities organically and by acquisitions

16 Focus going forward Main challenge 2004 Continue to improve market position while maintaining our strong profits and cash flow –Commercial actions – win back market shares –Continued synergy realization –Efficiency improvements –Profitable growth organically and by acquisitions –Realize the vision

February 11, 2004 Kim Ignatius CFO

18 Net sales change International Carrier Eurasia Baltic countries Denmark Norway Sales per market SwedenFinland Net sales +0.5% Exchange rate negative effect of –2% Acquisitions/divestitures positive effect of 1% Auria acquisition, equipment sales Strong growthLower level of internal sales Higher internal sales in 2002 Restructuring Customer growth in mobile and cable SEK million Auria retail shops Holding Q – Q4 2003

19 Effect from revenue growth SEK million Reduced customer acquisition costs due to lower customer intake Restructuring of fixed Successful cost- cutting program Higher cost related to internal sales in 2002 Auria retail shops Lower level of internal sales, centralized HQ functions Continued reduction of OPEX excl. non-recurring items -4.7% Q – Q Auria acquisition, increased inter- connection cost

20 SEK million Auria acquisition. Increased inter- connection cost. Effect from consolidation and revenue growth Restructuring of fixed Increased customer stock Restructuring Release of interconnect reserve, lower personnel and consultant expenses and lower internal sales Lower level of internal sales, centralized HQ functions OPEX excl. non-recurring items reduced with SEK 4,440 million in 2003 Jan-Dec 2002 – Jan-Dec 2003

21 EBITDA per market Strong marketing efforts, price effect and larger than normal seasonal effects within fixed services Successful restructuring Eurasia FinlandSweden Denmark Norway SEK million Successful restructuring. Positive earnings trend throughout. Lower sales in fixed Holding Strong EBITDA excl. non-recurring items growth +12% Baltic countries International Carrier Q – Q4 2003

22 SEK million Seasonally high cost for marketing and subcontractors Seasonal marketing and interconnect EBITDA excl. non-recurring items Q4 vs. Q3 seasonality Q – Q Continued improvement Price decrease fixed, seasonal marketing

23 Synergies progressing faster than planned SEK million Full run rate annual effect (by 2005) Effect in 2003 OPEX Product and service development IT systems and infrastructure Purchasing Network operations Corporate functions Total 1, CAPEX Product and service development 1346 IT systems and infrastructure 2253 Purchasing Network operations 1534 Total Synergy savings from decisions to date Network Operations: Phase out of overlapping functions Replace leased lines with own network Common testing functions and systems Products and Services development: Redundancies in Finland and Sweden Common service platform IT systems and infrastructure: Close down development and overlapping systems Common internal communication platform Implementation cost SEK 685 million in 2003 Committed to merger target Total annual pre-tax cash flow synergies post 2005 estimated to be approx. SEK 2.7 billion (EUR 300 million)

24 TeliaSonera Holding Some 30 holdings sold in whole or in part in Largest gains from ComHem, Bharti and Netia, largest losses from Metro One and Telia Mobile Finland. ComHem and Telia Mobile Finland not included in pro forma numbers. Sale of Telia Finans in early 2004, cash inflow of SEK 6.2 billion and capital gain of SEK 0.5 billion. Sale of KI Consulting (Telefos Group) in January Yahoo! sold back its 15% in Sonera Zed in January Provisions made for IPSE (3G Italy) and sale of INGROUP, total of SEK 255 million. Counter guarantees for Xfera (3G Spain) reduced significantly to one fourth. Capital commitment of EUR 368 million, after anticipated additional shares, to be reduced through negotiations. No provisions taken. Largest write-downs 2003 related to Infonet, Metro One and venture capital investments. Release of reserve related to AUCS.

25 Income taxes 2003 Nominal corporate tax rates in major countries below 30% Sweden 28%, Finland 29% (proposal to 26% – no gov’t bill yet), Norway 28% Effective tax rate in 2003 was 30%, fourth quarter only 4% Increased by non-deductible goodwill amortization and non-deductible write-downs Decreased by non-taxable capital gains In Q4, losses of Telia Finnish branch were used, which were not previously accounted for as deferred tax assets. Decreased Q4 and full year effective tax rate to be impacted negatively by tax rate change in Finland, if enacted Tax cash payments 2003 at very low level, 11% of pre-tax profit Utilizing previous tax losses in Finland, mainly from European 3G write-downs. No significant tax payment in Finland for next 7-8 years. Significant part of 2003 tax payments in Sweden deferred to Q Cash payments to be closer to effective tax rate for next few years SEK 3.4 billion decrease in net deferred tax liability, no major impact on result Due to decision not to simplify all legal structures related to international holdings Relates to deferred tax liability recorded in the TeliaSonera merger. Adjusted as a reallocation of goodwill from the merger.

26 Strong cash flow – Strong financial position Solid capital structure with strong financial resources and cash flow Sustain a high level of financial flexibility with focus on long-term liquidity position TeliaSonera (A/A2) is one of the best rated telecom operators in Europe Scheduled debt repayments SEK 3.5 billion in 2004 and SEK 12.3 billion in 2005 SEK billion Dec 31, 2003 Dec 31, 2002 Equity-to-assets ratio57%52% Net debt-to-equity ratio17%36% Free cash flow yield12%7% Book return on equity7%-31%

February 11, 2004 The Nordic and Baltic telecommunications leader